Written by Nogger
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Topics: Economy, Banks, mortgage

Monday, 19 January 2009

image for Bank Launches New "Buy Forget" Mortgage
A deal sweetner awaits you on signing the forms

Buoyed by news that the Newcastle Stone bank is to be relaunched as a "Good Bank" as part of the government's efforts to stimulate lending, the lender today announced it's latest innovative product.

"You've all heard of the so-called Buy-to-Let mortgages that got lenders into so much trouble. Well this new package we are calling Buy Forget," said new Newcastle Stone CEO Sir Kevin Keegan.

"Basically, what this mortgage will do is allow you to borrow up to 500% of the value of a property, with no proof of income whatsoever, then simply forget that you ever borrowed the money and walk away," explained Keegan.

"The government want to stimulate lending and me and the lads had a bit of a chat and came up with this. It's already proving very popular as we've lent £500 billion so far this morning and it's only half-past ten," Keegan added.

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